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7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
1/34
HJNL Qerclia Thpor Rorlos
Bress&Nerjor Trlbo Jlggoroitlhmshij Aeejs Fhrcot Litoarhtlei liOhst Hslh
Qeeslc Feei
Ie) :>7K uio >482
Hslhi Jovomepfoit Nhic Listltuto
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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Z`o Qerclia Thpor sorlos ls h beitliuhtlei eg t o gerformy ihfoj Jlsbusslei Thpor sorlos3 t oiufnorlia eg t o phpors beitliuoj wlt eut litorruptlei er b`hiao) HJNLs werclia phporsrogmobt liltlhm ljohs ei h teplb hij hro pestoj eimlio ger jlsbusslei) HJNL oibeurhaos rohjors tepest t olr beffoits ei t o fhli phao ger ohb werclia phpor (alvoi li t o blthtlei nomew,)Refo werclia phpors fhy jovomep lite et or gerfs eg punmlbhtlei)
Ruaaostoj blthtlei;
Feei- Q) >482)Bress&Nerjor Trlbo Jlggoroitlhms hij Aeejs Fhrcot Litoarhtlei li Ohst Hslh)HJNL Qerclia Thpor :>7) Zecye; Hslhi Jovomepfoit Nhic Listltuto) Hvhlmhnmo;ttp;%%www)hjnl)era%werclia&
phpor%>482%47%>1%?118)prlbo)jlggoroitlhms)fhrcot)litoarhtlei)ohst)hslh%
Tmohso beithbt t o hut er ger ligerfhtlei hneut t ls phpor)
Ofhlm; fweeslcDsiu)hb)cr
Qeeslc Feei ls pregosser eg obeieflbs- Arhjuhto Rb`eem eg Litorihtleihm Rtujlos- RoeumIhtleihm _ilvorslty)
Z ls phpor whs prophroj w lmo t o hut er whs h vlsltlia sb emhr ht HJNL li >48>)
Z`o vlows oxprossoj li t ls phpor hro t o vlows eg t o hut er hij je iet iobosshrlmy
rogmobt t o vlows er pemlblos eg HJNL- t o HJN- lts Nehrj eg Jlrobters- er t o aevorifoitst oy roprosoit) HJNL jeos iet auhrhitoo t o hbburhby eg t o jhth libmujoj li t ls phporhij hbbopts ie rospeislnlmlty ger hiy beisoquoibos eg t olr uso) Zorfliemeay usoj fhyiet iobosshrlmy no beislstoit wlt HJN egglblhm torfs)
Hslhi Jovomepfoit Nhic ListltutoChsuflahsocl Nulmjlia 0G2&>&? Chsuflahsocl- B lyejh&cu
Zecye 844&7440- K hphi
Zom; #08&2&2?
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7 Feei
8
Hnst rhb t
Hs bress&nerjor fevofoits eg aeejs- bhplthm- hij mhner hro litoislgylia- lt ls mlcomy t ht aeejsfhrcots li Ohst Hslh wlmm nobefo librohsliamy litoarhtoj) Z ls stujy livostlahtos t o burroitsthto eg aeejs fhrcot litoarhtlei li Ohst Hslh ny fohsurlia t o oxtoit eg bress&nerjor prlbojlggoroitlhms) Rpoblglbhmmy- t ls stujy s`ews t ht befphroj wlt t o Ourepohi _ilei (O_,- Ohst
Hslhi fhrcots hro iolt or sugglbloitmy litoarhtoj ier hro t oy s`ewlia hiy prlbo beivoraoiboevor tlfo) Oxhflilia t o ghbters hij urjmos t ht provoit Ohst Hslhi beuitrlos grefhpprehb lia t o Ourepohi movom eg fhrcot litoarhtlei- t ls stujy hmse s`ews t ht sub wljoprlbo jlggoroitlhms beumj no oxpmhlioj mhraomy ny arohtor oxb`hiao rhto vemhtlmltlos hij wljorlitrh&roaleihm libefo ahps- teaot or wlt lisugglbloit roaleihmlzhtlei oggerts) Z ls rosumt la mla tst o lfperthibo eg h t roo&preiaoj litoarhtlei strhtoay bevorlia trhjo- feioy- hij jovomepfoitpemlblos- hij eg Ohst Hslh&wljo roaleihm listltutleis w lb - liberperhtlia net jovomepoj hijjovomeplia Hslhi beuitrlos- `omp prefeto fero groo trhjo haroofoits (GZHs, hij provoitglihiblhm brlsos)
KOM Bmhsslglbhtlei; G8?- G27
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7 Feei
>
Beitoits
8) Litrejubtlei )))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))) 2>) Fohsurlia Fhrcot Litoarhtlei li Ohst Hslh )))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))) :2) Jotorflihits eg Trlbo Jlggoroitlhms )))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))) 87
2)8 Fejom ))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))) 872)> Nhslb ^oarosslei )))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))) 82
:) Lfpmlbhtleis ))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))) >??) Beibmuslei ))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))) >0^ogoroibos )))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))) >
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7 Feei
2
8) LIZ^EJ_BZLEI
Eio eg t o ossoitlhm gohturos eg Ohst Hslhi obeieflb litoarhtlei ls t ht lt ls fhrcot&jrlvoi- hijmhas no lij listltutleihmlzhtlei) Lijooj- josplto tofperhry jlsruptleis bhusoj ny t o burroibybrlsls li 8
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7 Feei
:
befphroj te t o O_) Gurt orfero- joslailia t o iobosshry roaleihm listltutleis te provoitglihiblhm brlsos hs womm hs te prefeto groo trhjo haroofoits (GZHs, hij gerolai jlrobtlivostfoit (GJL, gmews ls lfperthit)
Z`o erahilzhtlei eg t ls phpor ls hs gemmews) Li Robtlei >- t o fot ejs hij jhth te fohsurofhrcot litoarhtlei hs bress&nerjor prlbo jlggoroitlhms hro oxhflioj) Li phrtlbumhr- t o troij eg
bress&nerjor prlbo jlggoroitlhms li Ohst Hslh hij li Ourepo hro befphroj- uslia t o fohi hijsthijhrj jovlhtlei eg prlbo jlggoroitlhms hs t o (livorso, fohsuros eg aeejs fhrcot litoarhtlei)Li Robtlei 2- t o jotorflihits eg t oso bress&nerjor prlbo jlggoroitlhms hfeia t o Ohst Hslhibeuitrlos hro livostlahtoj) Robtlei : prosoits lfpmlbhtleis ger gurt orlia Hslhi obeieflb hijglihiblhm litoarhtlei) Robtlei ? beibmujos)
>) FOHR_^LIA FH^COZ LIZOA^HZLEI LI OHRZ HRLH
Z`o librohslia obeieflb mlichaos hfeia Ohst Hslhi beuitrlos suaaost t ht t o fhrcots hfeiaOhst Hslhi beuitrlos hro litoarhtlia evor tlfo)
Hmt eua t oro hro gow egglblhm roaleihm hrrhiaofoits ger Ohst Hslhi beuitrlos- t oso beuitrlos
`hvo nooi romylia ei amenhmlzhtlei hij stroiat oilia t olr bress&nerjor trhishbtleis) Gerlisthibo- pursulia fhrcot epoilia hs hi oialio eg obeieflb arewt hij jovomepfoit- OhstHslhi beuitrlos `hvo nooi rojublia t olr thrlggs hij trhjo nhrrlors uilmhtorhmmy) Zhnmo 8 s`ewst o troij eg thrlgg rhtos ger iei&harlbumturhm hij iei&guom prejubts li Ohst Hslh slibo 8)20/ li 88/ li >488) Li t obhso eg t o Toepmos ^opunmlb eg B lih (T^B,- t o thrlgg rhto- fhrclia :2)28/ li 8488 gref ?)87/ li 8
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7 Feei
?
Zhnmo 8; Zhrlgg ^htos li Ohst Hslh (Rlfpmo Hvorhao,
^op) egCeroh
K hphi T^B Zhlpol-B lihLije&ioslh
Fhmhy&slh
T`lmlp&plios
Rliah&pero
Z`hlmhij@eiaCeia-B lih
8
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7 Feei
7
Zhnmo >; Zrhjo Epoiioss ger Ohst Hslhi Obeieflos
(hs h / eg AJT,
^op)eg
CerohK hphi T^B Zhlpol-B lih
Lije&ioslh
Fhmhy&slh
T`lmlp&plios
Rliah&pero
Z`hl&mhij
@eiaCeia-B lih
878)7
8)2 ?>)< 8?4)7 72)> 28>)4 10)4 >14)2
8)4 0:)> ?4)? 8?1)< 18)> 28:)8 04)> >72):
8)7 >77)1
8
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7 Feei
1
Zhnmo 2; Litrh&^oaleihm Zrhjo ger Lijlvljuhm Ohst Hslhi Obeieflos
^op) egCeroh
K hphi T^B Zhlpol-B lih LijeioslhFhmhy&
slhT`lmlp&plios
Rliah&pero
Z`hl&mhij
@eiaCeia-B lih
8)8 :1)2 :0)? ?0)1
8)0 :
8)< :
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7 Feei
0
Zhnmo :; R`hro eg Litrh&^oaleihm Zrhjo li Ohst Hslh- O_- hij IHGZH
OH8? O_8? IHGZH
8
8
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7 Feei
0)1/ li 8488- w lb fohis lt bhua t up wlt Ceroh) Li t o bhso eg lijlvljuhm HROHIbeuitrlos- t olr s`hros eg litrh&roaleihm trhjo hro fub la`or t hi t eso eg Iert ohst Hslhibeuitrlos sub hs Ceroh hij K hphi) Z ls fhy no httrlnuthnmo te t o osthnmls`foit eg h roaleihmGZH hrrhiaofoit te ghblmlthto groo trhjo hfeia fofnors)
Fohsuroj ny t o joaroo eg litrh&roaleihm trhjo s`hro- t o joaroo eg fhrcot litoarhtlei li OhstHslh hs h w`emo `hs fhihaoj te bhtb up wlt t ht sooi li t o O_) Zhnmo : hij Glauro 8 s`ewt ht t olr s`hros eg litrh&roaleihm trhjo woro hmfest oquhm li >488)
Glauro 8; Litrh&^oaleihm Zrhjo li Ohst Hslh- O_- hij IHGZH
(/,
27
:4
::
:0
?>
?7
74
7:
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7 Feei
84
b`hiaos (t o se&bhmmoj Nhmhssh&Rhfuomsei oggobt, hij t o lfpojlfoits te ghbter fevofoits)Z ls oxpmhlis w`y t o beivoitleihm fot ej te tost t o vhmljlty eg purb hslia pewor phrlty nymeeclia ht t o rohm oxb`hiao rhto beumj iet no usoj) Z`us- wo gebus ei bress&nerjor prlbojlggoroitlhms hs h fohsuro eg aeejs fhrcot litoarhtlei li Ohst Hslh)
Iew mot T(l-c-t, no t o _iltoj Rthtos (_R, jemmhr prlbo eg h beffejlty c li hi Ohst Hslhi bhplthm
blty l ht h alvoi tlfo t) Ger h alvoi blty phlr (l-k, hij h alvoi aeej c ht h tlfo t- wo joglio t ohnsemuto mea prlbo jlggoroibo hs;
|,--(mi,--(mi|,---( tckTtclTtcklX
w`oro ,--(mi tclT ls t o mea prlbo eg beffejlty c ht tlfo t li blty l hij ,--(mi tckT ls t o mea
prlbo eg beffejlty c ht tlfo t li bltyk)
Jlggoroit lijlbhters beumj no usoj te fohsuro t o prlbo beivoraoibo) Ger oxhfpmo- @hggior(>44>, joglioj t o prlbo jlggoroibo ei t o nhsls eg hi litrh&lijustry lijox8) Ze fohsuro t o prlbobeivoraoibo- wo gebus ei t o fohis hij sthijhrj jovlhtleis eg t o hnsemuto mea prlbojlggoroibos hbress hmm beffejltlos)
CtklXtklXF
C
c %,--(,V--(S
c
CtklXOtklXtklXW>%8> ,%,V}--(S|,--({|(,V--(S
Oquhtleis (>, hij (2, joglio t o fohi hij sthijhrj jovlhtlei prlbo jlggoroitlhms- rospobtlvomy)Thrsmoy hij Qol beisljoroj eimy t o sthijhrj jovlhtlei prlbo jlggoroitlhms te oxhflio t o prlbobeivoraoibo phttori) Qo uso net t o fohi hij sthijhrj jovlhtlei prlbo jlggoroitlhms evor hmmt o ltofs eg beffejltlos) Z`o rohsei ls t ht lg eimy t o sthijhrj jovlhtlei prlbo jlggoroitlhms hrobeisljoroj- hs li Thrsmoy hij Qol- lt jeos iet thco lite hbbeuit bhsos w`oro t o fohis eg t oprlbo jlggoroitlhms hro rojuboj wlt eut hiy b`hiao li vemhtlmltlos (Roo Feei hij ^`oo >447 gerfero jothlms,)
Z ls phpor usos rhw prlbo jhth befplmoj ny t o Obeieflst Litommlaoibo _ilt (OL_,) OL_punmls`os jlshaaroahtoj prlbo jhth ger hneut 874 beffejltlos hij sorvlbos li 8>2 bltlos eg t owermj uijor t o ihfo eg OL_ Blty Jhth) Z`oso jhth woro glrst usoj ny @ugnhuor ot hm) (>444, tebhmbumhto t o womghro noioglt t ht beumj hrlso lg ihtleihm prlbos beivorao te t o wermj prlbo) Rlibot oi- t oy `hvo nooi usoj ny fhiy obeieflsts- libmujlia ^eaors (>448,- Thrsmoy hij Qol(>448,- hij Norali hij Amlbc (>447,)
Ihturhmmy- prlbo jhth hro iet hvhlmhnmo ger hmm beffejltlos hij bltlos) Jrepplia beffejltlos wltflsslia jhth- t ls phpor gebusos ei 888 trhjhnmo aeejs) Iei&trhjhnmo aeejs hij sorvlbos hrooxbmujoj) Z`o oitlro shfpmo eg aeejs usoj li eur jhth ls mlstoj li t o Hppoijlx) Alvoi t htt oso prlbos hro joieflihtoj li jlggoroit ihtleihm burroiblos- t oso ihtleihm prlbos hrobeivortoj te t o _R jemmhr prlbo ei t o nhsls eg t o fhrcot oxb`hiao rhto) Qo bhmbumhto nlmhtorhmprlbo jlggoroitlhms ger :? phlrs eg beuitrlos li toi Ohst Hslhi beuitrlos- w lb libmujo Ceroh3
K hphi3 t o T^B3 @eia Ceia- B`lih3 Zhlpol-B lih3 hij glvo eg t o fest jovomepoj HROHIbeuitrlos ihfomy Rliahpero- t o T lmlpplios- Z`hlmhij- Fhmhyslh- hij Lijeioslh) Z`o jhthbevors >> ensorvhtlei yohrs- gref 8> yohrs)
8@hggior joglioj t ls prlbo slflmhrlty lijox hs
c
ctckTtclT
tckTtclTw
|,--(,--(|
|,--(,--(|844844 )
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7 Feei
8>
Glauro >n; Rthijhrj Jovlhtlei Trlbo Jlggoroitlhms
Reurbo; Hut`er)
Qo hmse ensorvo t ht t o joaroo eg fhrcot litoarhtlei ls hpprexlfhtomy twlbo er eio hij hmgtlfos hs wohc li Ohst Hslh hs li Ourepo hij t o _R) Aoiorhmmy spohclia- t o _R fhrcot ls hnoib`fhrc ger h gummy litoarhtoj fhrcot) Z`oro hro ie nhrrlors ht hmm te t o fevofoits eg aeejs-bhplthm- hij mhner hfeia t o _R bltlos nobhuso t oy hmm nomeia te h beffei gojorhtlei)Befphroj te t o _R- O_ fhrcots hro stlmm libefpmotomy litoarhtoj) Hmt eua Ourepohi beuitrlosmhuib`oj h Rliamo Fhrcot Trearhf li 8
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
15/34
HJNL Qerclia Thpor :>7 Feei
82
beibmujo t ht aeejs fhrcot litoarhtlei whs librohslia evor tlfo hij whs livorsomy romhtoj teoxb`hiao vhrlhnlmlty) Glihmmy- litor&beuitry er litor&sthto libefo jlggoroitlhms turi eut te no ghrmhraor li Ohst Hslh t hi li t o ourezeio er t o _R) Alvoi t ht Ohst Hslh ls b`hrhbtorlzoj nywljor roaleihm jlggoroibos li ihtleihm libefo movoms hij t oso jlggoroibos oxpmhli hi lfperthitphrt eg t o bress&nerjor prlbo jlggoroitlhms- lt ls ossoitlhm te beisljor t o prlbo bhtb &up oggobt)
Z`ht ls- juo te t o mhaalia prejubtlvlty li t o iei&trhjhnmo sobter- ospoblhmmy li sorvlbos-
beuitrlos wlt h romhtlvomy la`or libefo toij te `hvo h romhtlvomy la`or prlbo movom) Gerlisthibo- ^eaors (>444,- ei t o nhsls eg t o se&bhmmoj Nhmhssh&Rhfuomsei oggobt- oxhfliojsub oggobts hij geuij t o shfo ovljoibo eg prlbo beivoraoibo) Zhnmos ?h hij ?n suffhrlzot o troij eg thrlgg rhtos- oxb`hiao vemhtlmltlos- hij ihtleihm libefo jlggoroitlhms hmeia wlt t ofohi hij sthijhrj jovlhtlei prlbo jlggoroitlhms li t o Ohst Hslhi roalei- t o O_- hij t o _R)
Zhnmo ?h; Fohi hij Rthijhrj Jovlhtlei Trlbo Jlggoroitlhms li Ohst Hslh- O_- hij_R
Fohi Rthijhrj jovlhtlei
O H O_ _R OH O_ _R
8180 4)>10:
8
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
16/34
HJNL Qerclia Thpor :>7 Feei
8:
Zhnmo ?n; Zhrlgg ^hto- Oxb`hiao ^hto Wemhtlm lty- hij Libefo Jlggoroitlhms li OhstHslh- O_- hij _R
Zhrlgg Oxb hiao vemhtlmlty Libefo Jlggoroitlhm
OH OH O_ OH O_ _R
8 4)242
84 4)242
8
8
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
17/34
HJNL Qerclia Thpor :>7 Feei
8?
Glauro 2h; Fohi Trlbo Jlggoroitlhms li HROHI hij Iert`ohst Hslhi Obeieflos
):4
):?
)?4
)??
)74
)7?
)14
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
18/34
HJNL Qerclia Thpor :>7 Feei
87
Hs Glauro 2 s`ews- HROHI beuitrlos hs h areup hj la`or prlbo jlggoroitlhms t hi Iert ohstHslhi beuitrlos uitlm t o flj&8
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7 Feei
81
hvorhao thrlgg rhtos beumj no beisljoroj) Li t ls phpor- t o slfpmo hvorhao thrlgg rhto whs usoj2)Z`o jhth ger thrlgg rhto hro enthlioj gref t o _iltoj Ihtleis Beigoroibo ei Zrhjo hijJovomepfoit (_IBZHJ, jhth nhso) Oxb`hiao rhto vhrlhnlmlty fhy fhco t o befphrlsei egjlggoroit prlbos li jlggoroit bltlos jlgglbumt hij provoit prlbo beivoraoibo) Z`o sthijhrj jovlhtleieg mea b`hiaos li t o feit my nlmhtorhm oxb`hiao rhtos notwooi blty phlrs ls usoj ger oxb`hiaorhto vemhtlmlty) Z`o jhth ger feit my oxb`hiao rhto hro enthlioj gref t o LGR eg t o LFG) Li
hjjltlei- wo beisljor t o libefo ahp notwooi h phlr eg bltlos hs hi lijopoijoit vhrlhnmo teoxpmhli prlbo jlggoroibos) Li ghbt- t oro ls h bmeso mlic notwooi libefo ahps hij prlbojlggoroitlhms hbberjlia te t o Nhmhssh&Rhfuomsei oggobt) Nut li t o stujlos eg Thrsmoy hij Qol(>448, hij Norali hij Amlbc (>447,- t ls oggobt whs iet thcoi lite hbbeuit) Z`o jhth ger ihtleihmlibefo hro enthlioj gref t o Qermj Nhic jhth nhso)
Li hjjltlei- wo beisljor t roo iow juffy vhrlhnmos GZH- B^LRLR hij JOWOMET) Z`osojufflos hro te rogmobt t o listltutleihm gohturos eg Ohst Hslhi fhrcots t ht fhco aeejs fhrcotlitoarhtlei li Ohst Hslh jlggoroit gref t ht li t o O_ er _R) Ger listhibo- GZHs hro romhtlvomyroboit li Ohst Hslh) Z`o ohrmlost GZH whs t o HROHI GZH w lb woit lite oggobt li K hiuhry>442) Z`orohgtor gref t o flj&>444s- iuforeus fumtlmhtorhm hs womm hs nlmhtorhm trhjohrrhiaofoits woro osthnmls`oj) Zhnmo 7 suffhrlzos t o burroit sthto eg GZHs li t o OhstHslhi roalei:) Z`o GZH juffy thcos lite hbbeuit t o lfphbt eg t o roaleihm trhjo hrrhiaofoitei rojublia t o bress&nerjor prlbo jlggoroitlhms) Z`us- lg h phlr eg beuitrlos beibmujos h iowGZH ht tlfo t- t oi t o juffy `hs t o vhmuo 4 ger hmm ensorvhtleis gref tlfo t nut 8 ger hmmensorvhtleis prler te tlfo t (l)o)- prler te t o beibmuslei eg t o GZH,)
Z`o sobeij juffy- B^LRLR- ls usoj te thco lite hbbeuit t o lfphbt eg t o glihiblhm brlsos eibress&nerjor prlbo jlggoroitlhms) Glvo beuitrlosCeroh- Z`hlmhij- Fhmhyslh- t o T lmlpplios- hijLijeioslhworo lt ny t o burroiby brlsls li 8
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7
80
Zhnmo 7; Burroit Rthtos eg t`o GZHs li Oggobt li Ohst Hslh
HROHI
Rliahpero Lijeioslh Fhmhyslh T lmlpplios Z`hlmhij
HROHI K hi) >48>
T^B K umy(8,>44?
K hi) >44<
K hphi Job) >440 Iev) >44> K umy >440 K umy >447 Job) >440 Iev) >441
(OTH,
^op) egCeroh
K uio (>,>441
HROHI 6Hsseblhtlei eg Reut`ohst Hslhi Ihtleis3 BOTH 6Bmesor Obeieflb Thrtiors lp Haroofoit 3 OBTH 6Obeieflb BeeporhtleObeieflb Thrtiors lp Haroofoit)
Ietos; (8, Haroofoit eimy ger trhjo li aeejs3 (>, Haroofoit eimy ger trhjo li aeejs)
Reurbo; Hut er)
7/28/2019 Cross-Border Price Differentials and Goods Market Integration in East Asia
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HJNL Qerclia Thpor :>7 Feei
8 Nhslb ^oarosslei
Glrst Zhnmo 1(h, prosoits t o rosumts ger t o fohi prlbo jlggoroitlhms) Z`o ostlfhtlei ls beijubtojnet ny uslia t o erjlihry mohst squhros (EMR, fejom hij t o glxoj oggobt fejom wlt h tlfojuffy) Aoiorhmmy spohclia- hmm t o oxpmhihtery vhrlhnmos turi eut te no slailglbhit oxbopt gert o thrlgg- hij t ls rosumt ls beiglrfoj net ny t o EMR hij t o glxoj oggobt fejom hmt eua t o
glxoj fejom turis eut te no smla tmy fero slailglbhit wlt t o librohsoj>
^ vhmuos)Bemufis 8>- 2:- hij ?7 gebus- rospobtlvomy- ei t o lfphbts eg trhjo- feiothry pemlblos- hijjovomepfoit pemlblos ei aeejs fhrcot litoarhtlei) Zhrlgg pemlby turis eut te no uilfperthit- nuthmm et or vhrlhnmos hij pemlblos hro slailglbhit) Z`oso rosumts s`ew t ht ger aeejs fhrcotlitoarhtlei- feiothry pemlblos- hij jovomepfoit pemlblos hro fero lfperthit t hi trhjo pemlblos)Bemufis 1 hij 0 beisljor hmm t oso vhrlhnmos teaot or ylomjlia t o nhslb rosumts)
Hs oxpobtoj- t o prlbo jlggoroitlhms librohso wlt jlsthibo) Z ls rosumt ls beislstoit wlt t olitorprothtlei t ht t o jlsthibo ls h prexy ger trhisperthtlei best) Z`o shfo rosumt ls beiglrfojny slflmhr stujlos bhrrloj eut ny Thrsmoy hij Qol (>448,)
Hfeia t o et or t roo oxpmhihtery vhrlhnmos- t o thrlgg rhto hs hi oxpobtoj pesltlvo slai- nut ltslfphbt ls lislailglbhit hij ioamlalnmo) Oxb`hiao rhto vhrlhnlmlty turis eut te no slailglbhit hij
pesltlvomy hsseblhtoj wlt t o prlbo jlggoroitlhms) Glihmmy- t o libefo ahp ls slailglbhit hijlibrohsos wlt t o prlbo jlggoroitlhms) Beuitrlos wlt romhtlvomy mhrao libefo jlggoroibos-t orogero- toij te s`ew la`or prlbo jlggoroitlhms)
Hmm t roo juffy vhrlhnmos hro hmse vory slailglbhit) Z`o GZH juffy ls slailglbhit wlt hioxpobtoj pesltlvo slai) Z`o beuitrlos mlicoj wlt t o GZH soo sfhmmor prlbo jlggoroitlhms notwooit of) Z`o B^LRLR juffy `hs h pesltlvo lfphbt ei t o prlbo jlggoroitlhms) Lg eio beuitry whs ltny h glihiblhm brlsls nut t o et or whs iet- t o prlbo jlggoroitlhm notwooi t oso twe beuitrlos wlmmno wljoioj) Z`o JOWOMET juffy `hs hi oxpobtoj pesltlvo lfphbt- suaaostlia t ht t o prlbo
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HJNL Qerclia Thpor :>7 Feei
>4
jlggoroitlhms ger h phlr eg beuitrlos ls sfhmmor lg eio beuitry nomeias te t o jovomepoj beuitrlosareup hij t o et or te t o jovomeplia Hslhi beuitrlos areup)
Zhnmo 1h; ^osumts ger Fohi Trlbo Jlggoroitlhm Ostlfhtlei ( VSXO ,
(8, (>, (2, (:, (?, (7, (1, (0,
Jlsthibo
Zhrlgg
Oxvem
Libefo
GZH
B^LRLR
JOWOMET
4)84: 4)84>(88)>1, (88)40,
&4)44: 4)4?1(&4)84, (8)4?(2)?>, (?)1
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HJNL Qerclia Thpor :>7 Feei
>>
Glauro :h; Beitrlnutlei eg Oxpmhihtery Whrlhnmos te t`o Fohi Trlbo Jlggoroitlhms
)44
)4:
)40
)8>
)87
)>4
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HJNL Qerclia Thpor :>7 Feei
>2
2)2 Oxtoisleis eg t`o Fejom
Runareup ostlfhtlei
Qo beisljor twe sun&porlejs- porlej 8448>488) Zhnmo 0 prosoitst o ostlfhtlei rosumts ger t oso twe porlejs) Aoiorhmmy spohclia- ie fhttor w`ht t o ihturo eg
t o jopoijoit vhrlhnmo fhy no- t o vhrlhnmos sub hs jlsthibo hij libefo ahp- hro streiamyslailglbhit jurlia net porlejs) Z`o thrlgg ls lislailglbhit jurlia net porlejs wlt t o oxboptlei egt o rosumt ger t o sthijhrj jovlhtlei prlbo jlggoroitlhms oquhtlei ger t o porlej 8488) Hfeia t o juffy vhrlhnmos- GZH rofhlis slailglbhit jurlia netporlejs) Z`o juffy B^LRLR ls slailglbhit jurlia t o porlej 8448>488) Li beitrhst- JOWOMET toijs te no streiaor hijslailglbhit li t o sobeij porlej >448>488) Li s`ert- lt soofs t ht t o ostlfhtlei oquhtlei `hs harohtor oxpmhihtery pewor jurlia t o porlej 8448>488)
Zhnmo 0; Ostlfhtlei ^osum ts ger t`o Torlejs 8448>488)
VSXO VSXW
8448>488 8448>488
Jlsthibo
Zhrlgg
Oxvem
Libefo
GZH
B^LRLR
JOWOMET
4)841 4)84)
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HJNL Qerclia Thpor :>7 Feei
>:
sunsthitlhmmy) Z`o squhro eg thrlgg ls iet slailglbhit ht hmm) Z`o squhros eg oxb`hiao rhto vemhtlmltyhij libefo ahp hro slailglbhit- suaaostlia sefo iei&mliohrlty li torfs eg t oso oxpmhihteryvhrlhnmos) Li phrtlbumhr- t o ioahtlvo slai eg t o squhro eg oxb`hiao rhto vemhtlmlty suaaosts t htlts lfphbt ei t o prlbo jlggoroitlhm ls pesltlvomy beibhvo- fohilia t ht la`or oxb`hiao rhtovemhtlmlty ls hsseblhtoj wlt h arohtor prlbo jlggoroitlhm nut t o librofoithm oggobt aots sfhmmor hsvemhtlmlty librohsos (Thrsmoy hij Qol >448,) Li beitrhst- t o squhro eg t o libefo ahp ls pesltlvo-
suaaostlia t ht lts lfphbt ei t o prlbo jlggoroitlhm ls beivox- fohilia t ht t o librofoithm oggobteg t o libefo ahp nobefos mhraor hmeia wlt h wljor libefo ahp) @ewovor- t ls librofoithmoggobt ls vory sfhmm)
Li s`ert- t o beisljorhtlei eg iei&mliohrlty jeos iet lfprevo oxpmhihtery pewor fub hij t osquhro vhrlhnmo ls slailglbhitmy streia eimy ger oxb`hiao rhto vemhtlmlty)
Zhnmo
Oxvem
Oxvem>
Libefo
Libefo>
ZTH
B^LRLR
JOWOMET
4)847
(82)7?,
&4)447(&4)4?,
4)4>:(4)8:,
8)>72(:)?7,
&&&&&&
4)4,
4)4?2
(8>)78,
&4)448(&4)4>,
4)470(4)18,
4)4,
&&&&&&
4)4>2(2)?0,
4)48>(8)1?,
4)4:2
(?)>4,
4)42:(4)08,
&&
:)?:7(1)1:)1?4(&7)2?,
4)4(8:)4:,
&&&&&&
4)4:8(2)7>,
4)478(:)18,
4)4:7
(2)>4,
4)4?8
(8>)82,
4)4?8(>)>4,
&&
>):,
&88)?,
&&&&&&
4)4>:(2)
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HJNL Qerclia Thpor :>7 Feei
>?
:) LFTMLBHZLEIR
Z`o hihmysls suaaosts h beupmo eg lfperthit lfpmlbhtleis ger gurt orlia t o litoarhtlei eg OhstHslhi fhrcots hij t orony librohslia ogglbloiby hij neestlia womghro)
Glrst- li erjor te gurt or aeejs fhrcot litoarhtlei- lt ls lfperthit t ht Ohst Hslhi beuitrlosprefeto trhjo- feiothry pemlblos- hij jovomepfoit pemlblos teaot or) Li Ohst Hslh- roaleihmlitoarhtlei ls prlfhrlmy trhjo&romhtoj) @ewovor- gumm roaleihm litoarhtlei bhiiet no hb lovojwlt eut stroiat oilia beeporhtlei li feiothry hij jovomepfoit hrohs) Zrhjo- feioy- hijjovomepfoit hro hmm t roo ossoitlhm plmmhrs eg roaleihm litoarhtlei) Li ghbt- t o beogglbloits egfeiothry hij jovomepfoit vhrlhnmos turi eut te no eg arohtor slailglbhibo li eur ostlfhtleioquhtleis)
Aoiorhmmy spohclia- roaleihm trhjo hrrhiaofoits mohj te roaleihm feiothry beeporhtlei)@ewovor- lt ls hmse truo t ht wlt eut feiothry beeporhtlei trhjo litoarhtlei rofhlis mlfltoj) Z`otyplbhm oxhfpmo ls eg beurso t o bhso eg Ourepo) Li Ourepo- te prefeto hij semljlgy t o RliamoFhrcot Trearhf- lt whs ossoitlhm te rofevo hmm t o nhrrlors te t o groo fevofoit eg aeejs-bhplthm- hij mhner) @ewovor- hs bhplthm fevos groomy hbress beuitrlos- oxb`hiao rhtos hfeiat o burroiblos eg t o fofnor sthtos sthrtoj te gmubtuhto wljomy- jlstertlia t o litoarhtlei egaeejs fhrcots) Z`o Ourepohi Feiothry Rystof (OFR,- w lb `hs oxlstoj slibo 844>,) Z`o glrst stop t ht ioojs te no thcoi soofs te no teoibeurhao vemuithry oggerts tewhrj rojublia roaleihm obeieflb jlsphrltlos- ospoblhmmy t ojlggoroibos li por bhplth libefo li t o roalei) ^oaleihm litoarhtlei bhi gurt or oxphij t ohmrohjy mhrao jlggoroibos li torfs eg por bhplth libefo- puttlia t o litoarhtlei preboss ltsomg lijhiaor) Ei t o t oerotlbhm hij ofplrlbhm movom- t oro ls ie preeg t ht obeieflb litoarhtleiiobosshrlmy mohjs te t o beivoraoibo eg obeieflb porgerfhibos hbress fofnor ihtleis) Refostujlos li ghbt suaaost t ht t o eppeslto ls truo (Ger oxhfpmo- Cruafhi 8
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HJNL Qerclia Thpor :>7 Feei
>7
Li h befpmoto uilei er gojorhtlei sub hs t o _R- t ls semljhrlty ls egtoi auhrhitooj ny glsbhmgojorhmlsf) Li sub h roalei- ger listhibo- gojorhm trhisgors hij thxos teaot or `omp te ihrrewt o litorroaleihm libefo ahp) Z`oro ls hmrohjy h vhst mltorhturo ei t ls quostlei erlalihtlia greft o se&bhmmoj Eptlfuf Burroiby Hroh) Ger listhibo- t o FhbJeuahmm ^opert (OurepohiBefflsslei 80jemmhrs) Rhmh&l&Fhrtli hij Rhb`s (8
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>1
iew fhiy nlmhtorhm hij sun&roaleihm GZHs li Ohst Hslh- `ewovor- t oro ls ie roaleihm GZHuilgloj uijor t o ihfo eg Ohst Hslhi Groo Zrhjo Hroh) Z`oro `hvo nooi beitliulia bhmms gerosthnmls lia hi Ohst Hslhi Groo Zrhjo Hroh (OHGZH, slibo 8
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>0
HROHI beuitrlos hij t o T^B) Z`o T^B pmhys h fhker remo li t oso prejubtlei iotwercs hijsuppmy b`hlis- hs lts oxphijlia oxpert lijustrlos roqulro fero hij fero lfperts eg lijustrlhmfhtorlhms- phrts- befpeioits- hij et or litorfojlhto prejubts gref lts iola`nerlia obeieflos)
Z`o T^B `hs nobefo h fhiughbturlia hssofnmor ger Ohst Hslhi obeieflos hij jovomepoj ltsbefphrhtlvo hjvhithaos li fhiughbturlia lijustrlos) Z ls Ohst Hslhi beuitrlos GJL phttori `hsmoj te t o rlso eg vortlbhm litrh&lijustry trhjo li phrts- befpeioits- hij sofl&glils`oj hij
glils`oj fhiughbturoj prejubts (Chwhl hij _rhth 8
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HJNL Qerclia Thpor :>7 Feei
>44>) Hihmyzo- Befphro- hijHppmy Hmtorihtlvo Lijlbhters hij Feilterlia Fot ejemealos te Fohsuro t o Ovemutlei egBhplthm Fhrcot Litoarhtlei li t o Ourepohi _ilei) ^opert te t`o Ourepohi Befflsslei)
Norali- T)- hij ) Amlbc) >447) Amenhm Trlbo Jlsporslei; Hro Trlbos Beivoralia er Jlvoralia5Gojorhm ^osorvo Nhic eg Rhi Grhiblsbe Qerclia Thpor>44?4)
Bhphiiomml- A)- K )&Q) Moo- hij T) Totrl) >440) Jovomeplia Lijlbhters ger oaleihm ObeieflbLitoarhtlei hij Beeporhtlei) HJN) Roptofnor
Bobb`ottl- R)A)- B)F) Iomsei- hij )K ) Reierh) >444) Trlbo Movom Beivoraoibo hfeia _iltojRthtos Bltlos; Mosseis ger t o Ourepohi Boitrhm Nhic) INO^ Qerclia Thpor1708)Bhfnrljao- FH; INO^)
JoAroaerle- K )- H) Alevhiilil- hij @) Qemg) 8?::)
Joutsb`o Nuijosnhic) >4444> TOBB Glihibo Geruf Footlia- 8882 Huaust- @eiemumu)
Oiaom- B) >44:) TTT hij t o Mhw eg Eio Trlbo; Ofplrlbhm Ovljoibo hij Lfpmlbhtleis ger Z`oeryhij Temlby) Flfoe) _ilvorslty eg Qlsbeisli)
Oiaom- B)- hij K ) eaors) 8
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HJNL Qerclia Thpor :>7 Feei
24
Chwhl- F)- hij R) _rhth) 8488) Q lt or Ohst Hslhi Obeieflb Litoarhtlei5 Ceroh!s roaleihmlzhtlei bufamenhmlzhtlei strhtoay)Hslh Ourepo Keurihm )
Feei- Q)- hij \) ^`oo) >447) Trlbo Beivoraoibo li Ohst Hslh hij Lts Lfpmlbhtleis ger ^oaleihmFeiothry Litoarhtlei) Flfoe)
Feei- Q)- hij \) ^`oo) >48>)Hslhi Feiothry Litoarhtlei; Beplia wlt` h Iow Feiothry Erjorhgtor t`o Amenhm Brlsls) B`omtoi`hf- _C3 Ojwhrj Omahr)
Thrsmoy- J)- hij R)&K ) Qol) >448) Mlfltlia Burroiby Wemhtlmlty te Rtlfumhto Aeejs FhrcotLitoarhtlei; H Trlbo Nhso Hpprehb ) INO^ Qerclia Thpor0:70) Bhfnrljao- FH; INO^)
Thrsmoy- J)- hij R)&K ) Qol) 8448) Trlbo Movom Beivoraoibo hij Ligmhtlei liOurepo) LLO Qerclia Thpor488- Qhs liatei- JB)
^efor- J) 8
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HJNL Qerclia Thpor :>7 Feei
28
HTTOIJLP; T^LBOR LIBM_JOJ
Q lto nrohj- 8 ca (suporfhrcot, Qlio- suporler quhmlty (1?4 fm, (suporfhrcot,
Nuttor- ?44 a (suporfhrcot, Qlio- glio quhmlty (1?4 fm, (suporfhrcot,
Fhrahrlio- ?44a (suporfhrcot, Noor- mebhm nrhij (8 m, (suporfhrcot,
Q lto rlbo- 8 ca (suporfhrcot, Noor- tep quhmlty (224 fm, (suporfhrcot,
Rpha`ottl (8 ca, (suporfhrcot, Rbetb w lscy- slx yohrs emj (144 fm, (suporfhrcot,
Gmeur- w lto (8 ca, (suporfhrcot, Ali- Almnoy!s er oqulvhmoit (144 fm, (suporfhrcot,
Ruahr- w lto (8 ca, (suporfhrcot, Worfeut - Fhrtlil ' essl (8 m, (suporfhrcot,
B`ooso- lfpertoj (?44 a, (suporfhrcot, Beaihb- Groib WRET (144 fm, (suporfhrcot,
Berigmhcos (21? a, (suporfhrcot, Mlquour- Belitrohu (144 fm, (suporfhrcot,
Flmc- phstourlzoj (8 m, (suporfhrcot, Rehp (844 a, (suporfhrcot,
Emlvo elm (8 m, (suporfhrcot, Mhuijry jotoraoit (2 m, (suporfhrcot,
Tohiut er beri elm (8 m, (suporfhrcot, Zelmot tlssuo (twe remms, (suporfhrcot,
Tethteos (> ca, (suporfhrcot, Jls`whs lia mlqulj (1?4 fm, (suporfhrcot,
Eileis (8 ca, (suporfhrcot, Lisobt&clmmor sprhy (224 a, (suporfhrcot,
Fus reefs (8 ca, (suporfhrcot, Mla t numns (twe- 74 whtts, (suporfhrcot,
Zefhteos (8 ca, (suporfhrcot, Nhttorlos (twe- slzo J%M^>4, (suporfhrcot,
Bhrrets (8 ca, (suporfhrcot,Grylia phi (Zogmei er aeej oqulvhmoit,(suporfhrcot,
Erhiaos (8 ca, (suporfhrcot, Omobtrlb tehstor (ger twe smlbos, (suporfhrcot,
Hppmos (8 ca, (suporfhrcot, Hsplrlis (844 thnmots, (suporfhrcot,
Mofeis (8 ca, (suporfhrcot, ^hzer nmhjos (glvo plobos, (suporfhrcot,
Nhihihs (8 ca, (suporfhrcot, Zeet phsto wlt gmuerljo (8>4 a, (suporfhrcot,
Mottubo (eio, (suporfhrcot, Ghblhm tlssuos (nex eg 844, (suporfhrcot,
Oaas (8>, (suporfhrcot, @hij metlei (8>? fm, (suporfhrcot,
Tohs- bhiioj (>?4 a, (suporfhrcot,R`hfpee ' beijltleior li eio (:44 fm,(suporfhrcot,
Zefhteos- bhiioj (>?4 a, (suporfhrcot, Mlpstlbc (jomuxo typo, (b hli stero,
Tohb`os- bhiioj (?44 a, (suporfhrcot,Foi!s nuslioss sult- twe plobo- fojluf wola t(b`hli stero,
Rmlboj pliohppmos- bhiioj (?44 a,(suporfhrcot,
Foi!s nuslioss s lrt- w lto (b`hli stero,
Noog; glmot flaiei (8 ca, (suporfhrcot, Foi!s s`eos- nuslioss wohr (b`hli stero,
Noog; stohc- oitrobeto (8 ca, (suporfhrcot, Foi!s rhlibeht- Nurnorry typo (b`hli stero,
Noog; stowlia- s`eumjor (8 ca,(suporfhrcot,
Rebcs- weem flxturo (b`hli stero,
Noog; rehst (8 ca, (suporfhrcot,Qefoi!s jross- rohjy te wohr- jhytlfo (b`hlistero,
Noog; areuij er fliboj (8 ca,(suporfhrcot,
Qefoi!s s`eos- tewi (b`hli stero,
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HJNL Qerclia Thpor :>7 Feei
Wohm; b`eps (8 ca, (suporfhrcot, Qefoi!s bhrjlahi swohtor (b`hli stero,
Wohm; glmmot (8 ca, (suporfhrcot, Qefoi!s rhlibeht- Nurnorry typo (b`hli stero,
Wohm; rehst (8 ca, (suporfhrcot, Qefoi!s tla ts- phity eso (b`hli stero,
Mhfn; moa (8 ca, (suporfhrcot, B lmj!s kohis (b`hli stero,
Mhfn; b`eps (8 ca, (suporfhrcot, B lmj!s s`eos- jross wohr (b`hli stero,Mhfn; Rtowlia (8 ca, (suporfhrcot, B lmj!s s`eos- spertswohr (b`hli stero,
Terc; b`eps (8 ca, (suporfhrcot, Alrm!s jross (b`hli stero,
Terc; meli (8 ca, (suporfhrcot, Ney!s khbcot- sfhrt (b`hli stero,
@hf; w`emo (8 ca, (suporfhrcot, Ney!s jross treusors (b`hli stero,
Nhbei (8 ca, (suporfhrcot, Befphbt jlsb hmnuf (hvorhao,
B lbcoi; grezoi (8 ca, (suporfhrcot, Zomovlslei- bemer (77 bf, (hvorhao,
B lbcoi; gros (8 ca, (suporfhrcot, Torseihm befputor (7: FN, (hvorhao,
Grezoi gls gliaors (8 ca, (suporfhrcot, Cejhc bemer glmf (27 oxpesuros, (hvorhao,
Gros gls (8 ca, (suporfhrcot, Litorihtleihm gerolai jhlmy iowsphpor (hvorhao,Listhit beggoo (8>? a, (suporfhrcot,
Litorihtleihm woocmy iows fhahzlio (Zlfo,(hvorhao,
Areuij beggoo (?44 a, (suporfhrcot, Thpornhbc ievom (ht neecstero, (hvorhao,
Zoh nhas (>? nhas, (suporfhrcot, Mew prlboj bhr (?4 a, (suporfhrcot, Befphbt bhr (8244&81:?44 bb upwhrjs, (mew,
Zeilb whtor (>44 fm, (suporfhrcot, Blahrottos- Fhrmnere (phbc eg >4, (suporfhrcot,
Fliorhm whtor (8 m, (suporfhrcot, Blahrottos- mebhm nrhij (phbc eg >4, (suporfhrcot,
Erhiao kulbo (8 m, (suporfhrcot, Tlpo tenhbbe (?4 a, (hvorhao,Qlio- beffei thnmo (1?4 fm,(suporfhrcot,